Guide on Resource Revenue Transparency
June 07, 2005

Press Release: IMF Opens Public Comment Period on Draft Guide on Resource Revenue Transparency

Code of Good Practices on Fiscal Transparency





Draft Guide on Resource Revenue Transparency
December 15, 2004

The views expressed in this paper are those of the staff and do not necessarily reflect the views of the Executive Board of the IMF. This draft guide will be revised reflecting comments received.

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Contents
Introduction and Summary
  The problem of resource riches and the role of fiscal transparency
  Recent work by the IMF, the World Bank, and other agencies
  Approach and structure of the guide
Summary of Good Fiscal Transparency Practices for Resource Revenue Management
1.   Clarity of Roles and Responsibilities
  Legal framework for resource revenues
  Fiscal regime 1.2.2
  Authority over revenue flows and borrowing 1.2.2
  Equity participation 1.1.5
  Resource-related extrabudgetary funds 1.1.3
  National resource companies 1.1.4
  Quasi-fiscal activities, and social and environmental obligations of NRCs 1.1.4/1.1.5
  Subnational government and resource revenues 1.1.2
2.   Public Availability of Information
  Budget documentation of resource revenues and spending 2.1.1
  Reporting on company resource revenue payments 2.1.1
  Reporting on resource-related debt 2.1.4
  Reporting on resource-related assets 2.1.4
  Estimating resource asset worth 2.1.4/3.1.1
  Reporting off-budget activity 2.1.3
3.   Open Budget Preparation, Execution, and Reporting
  Fiscal policy and resource revenues 3.1.1
  Resource funds and fiscal rules 3.1.2
  Fiscal policy and asset management 3.1.1
  Fiscal balance 3.2.3/3.2.4
  Fiscal risks 3.1.5
  Accounting for resource revenues 3.3.1
  Internal control and audit of resource revenues 3.3.3
  Tax administration openness 3.3.3
4.   Assurances of Integrity
  Company oversight 1.1.4/1.1.5
  Oversight of company/government revenue flows 4.2.1
Boxes
1.   Natural Gas and Fiscal Transparency
2.   The Fiscal Regime and Government
3.   Elements of Asset Worth Estimation for Developing Countries
4.   International Resource Reserves Reporting-Emerging Standards
5.   Botswana's Prudent Management of Mineral Wealth
6.   Norway's Petroleum Fund-Best Practice Asset Management
Appendices
I.   Table 1. Hydrocarbon-Rich Coountries
  Table 2. Mineral-Rich Countries
II.   Code of Good Practices on Fiscal Transparency
References
Website references